– By Rohit Malik
The housing market has developed dramatically in recent years, given changes in the ways people are buying, selling, and financing their homes. One of the primary reasons for this change is the revolutionary use of machine learning and artificial intelligence in the real estate market. While their contributions may not be evident, changes are apparent when comparing the present-day residential real estate market to that of the 20th century.
Thanks to machine learning, algorithms can now rapidly organize large quantities of data, sorting through property values, debt information, key home factors, and even consumer information. By simply providing their home preferences (such as number of beds, baths, amenities, and location), as well as their personal budget, homebuyers have the ability to create personalized options that save consumers time, effort, and money.
While personalization is definitely a plus, it is not the only benefit of AI’s incorporation into the real estate market. While it is vital to know the value of a home before buying or selling, AI has revolutionized home value estimation. Given today’s competitive real estate market, companies that can utilize AI to predict changes in rent and sales prices have a competitive advantage, as consumers rely on this data to buy and sell property.
As a consumer, buying or selling a home can be both complicated and overwhelming. By incorporating AI into the real estate market, however, it reduces the hassle, specifically in regards to communication. Because buying a home is a life-changing decision, each aspect of the home-buying process must be suitable for the buyer.
For any company, building a trust-based relationship with customers is of the highest concern. With the adoption of AI into the real estate market, it is evident that machine learning helps improve this relationship by making the home buying process as effortless as possible. Given the ever competitive real estate market, AI and machine learning continue to prove necessary to help more consumers effortlessly buy, sell, and finance their homes.
(Rohit Malik is the founder & CEO of online real estate marketplace, Clicbrics)